China's global disruption : myths and reality / Chi Lo.

Format:

Book

Author/Creator:

Lo, Chi, 1960- author.

Language:

English

Subjects (All):

Economics.

China--Economic conditions.

China.

Physical Description:

1 online resource (249 pages) : illustrations

Edition:

1st ed.

Place of Publication:

Bingley, England : Emerald Publishing Limited, [2021]

Summary:

China's Global Disruption: Myths and Realityis the first book to bring world-systemic analyses of China into dialog with domestic analyses, and in so doing, to show how each can challenge or refine the assumptions of the other, ultimately showing that much of the global "common sense" about China is misinformed.

Contents:

Cover

China's Global Disruption

China's Global Disruption: Myths and Reality

Copyright

Dedication

Table of Contents

List of Abbreviations

Preface

1. China's Global Disruption: From Digital Currency to COVID-19

The Rise of a Chinese Digital Currency

Crypto-renminbi to Challenge the US Dollar

The COVID-19 Disruption

Tourism and beyond

Trade Disruption

Supply Chain Shock

China as a Demander

China as a Supplier

Changing Dynamics

Disruption to Investment

The China Disruption

The Post COVID-19 Geo-political Disruption

COVID-19 Legacy

2. The Chinese Emperor Shock

China's Anti-corruption War

The Handicap of Market Forces

No China Disruption to Luxury Demand

The New Emperor

Will Growth Fall Below 6% Soon?

Is It Simply Power-grabbing?

Problem with Multiple Policy Goals

Changing the Incentive Scheme...

... the Chinese Way

The Ultimate China Risk

3. The China-US Tech Race

The Core of the Tech Conflict

Is 'Made in China' That Formidable?

The Patents Myth

What About Intellectual Property Theft?

The Big Question

The Disruption Risks

The China Challenge and Its Limits

The Disruption and Opportunity Cost

4. The Sum of All Fears

The Economics-politics Marriage

How Would the Shock Unfold?

Demographic Pains - What We Know

What We Don't Know

Early Retirement and the Incentive Problem

Finding Another 200 Million Workers

Relaxing the Growth Constraints

Escaping the Middle Income Trap

The Real China Growth Story

5. China's Role in the Global Market Cycle

It Cuts Both Ways

Things Have Changed

The Capital Flight Scare

The Fuss About China's Current Account

Structural Erosion but not yet Structural Deficit

Implications

The Fear of the Commodity Market

The Cyclical Impact

Secular Impact.

A Story of Relative Changes

6. The Debt Time Bomb

Debt Vulnerability - Déjà vu

The Domestic Growth Shock

The External Funding Shock

A Ticking Time Bomb...

... That Won't Detonate

The Risk Lies Somewhere Else

Not yet a Dire Problem

Bank Failures - A Turning Point for Reform?

Unregulated Growth Is Over

Local Government Debt

LGD Build-up and Risks

Debt Risk Is Still Manageable

What Matters the Most

The Household Debt Mystery

Is China's Household Debt Excessive?

The Risks

Outlook and Policy

7. The Crooked Debate of China's Debt Risk

De-leveraging Cannot Go Fast

The Partial Debt Debate

The Financial Deepening Conundrum

Mortgages not a New Debt Bomb

8. China and the Currency War

Currency Wars and Causes

Domestic Economic Woes

Debt

The Currency War Game

Prisoner's Dilemma - A Digression

China's Devaluation Choice

Risk Implications

Did China Join the Currency War After 2015?

Devaluation Will Backfire on China

Currency War Prompts Renminbi Reform

Japan Aggravating the Currency War...

... Opening a Window for Renminbi Reform

It's all About Reform

9. From Trade War to Global Disruption

From Global Imbalance...

... To Currency War

No Proof of Devaluation

The Trump Disruption

Nash Equilibrium - A Digression

Corner Solution (Winner Takes All)

Why Are We Confused?

Trump's Optimal Strategy

Relevance to China

Damage on the United States

Collateral Damage

Impact from Contagion

From Trade War to Cold War to Global Disruption

Impact on Climate Change

Disruption to Stay!

10. Renminbi Internationalisation

The Motives

A Portfolio Perspective

Fostering a New Monetary Order

The Failure of the G3 Currencies

The Role of the 'Chinese Dream'

Internationalisations Slows Down.

Speculative Demand Not Good for Internationalisation

Stuck in First Gear

Trade Is Not Enough - The Japanese Experience

Internationalisation the Japanese Way

Not a Top Policy Priority

11. The Disruptive Belt and Road Initiative

The Strategic Importance for China

It's a Sino-US Disruption

The Hype About the BRI

The Commercial Reality

The Suspicion

Abide by International Norms

The Invisible BRI

The Close Linkage with the US

An Invisible Global BRI

The Reality of 'Debt-trap' Finance

Risks for China

BRI Ambition Scaled Back

12. Global Disruption - The New Normal

The Geo-strategic Disruption

COVID-19 Awakes the Wolf Warrior

Inherent Global Disruption

Central Bank 'Put' and Moral Hazard

Unintended Consequences

The Fiscal Complication

China Offers Food for Thought

References

Index.

Notes:

Includes bibliographical references and index.

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

1-80043-794-3

OCLC:

1231607276